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Bicycle Market To Reach USD 78.39 Billion By Year 2032

The global Bicycle Market Size Was Valued at USD 53.9 Billion in 2023 and is Projected to Reach USD 78.39 Billion by 2032, Growing at a CAGR of 4.25% From 2024-2032.

05-07-2024
shashidhar kotian
Consumer Goods and Retail Industry
Pristine Intelligence LLP

According to a new report published by Pristine Intelligence, titled, “Bicycle Market by Type, User Demographics, Price Range, Material: Global Opportunity Analysis and Industry Forecast, 2024–2032,” The global Bicycle Market Size Was Valued at USD 53.9 Billion in 2023 and is Projected to Reach USD 78.39 Billion by 2032, Growing at a CAGR of 4.25% From 2024-2032. A bicycle is a human-powered vehicle with two wheels, handlebars, pedals, and a seat. Used for transportation, recreation, exercise, and sport, bicycles come in various types, including road, mountain, hybrid, and electric bikes. As urban congestion rises, bicycles offer a sustainable and efficient transport mode, reducing carbon footprints and promoting fitness. Government initiatives support this shift by promoting cycling infrastructure and bike-sharing programs. The market segments by type, technology, and geography. E-bikes are growing rapidly, especially in Europe and Asia-Pacific, due to battery advancements and favorable regulations. Technological innovations, such as carbon fiber frames and smart features like GPS and fitness tracking, enhance the cycling experience. The Asia-Pacific region leads the market, followed by Europe and North America, where demand for e-bikes and mountain bikes is increasing.

According to the global Bicycle market analysis, the market is segmented into Type, User Demographics, Price Range, Material, and region By Bicycle Type the market is categorized into (Road Bikes, Mountain Bikes, Hybrid Bikes, Electric Bikes transportation, and Recumbent Bikes), User Demographics the market is categorized into (Adults, Children, and Seniors), Price Range the market is categorized into (Entry-level, Mid-range, High-end), Material the market is categorized into (Aluminum, Steel, Carbon Fiber, Titanium). By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

Growing awareness of health and fitness benefits is significantly driving the global bicycle market. Cycling, promoting cardiovascular health and overall fitness, has gained popularity as an effective exercise, especially during the pandemic. Additionally, its environmental benefits align with sustainable living trends, reducing urban traffic congestion and pollution.

Governments are investing in cycling infrastructure, enhancing safety and convenience. Advancements in bicycle technology, like e-bikes, broaden cycling's accessibility. The popularity of adventure and endurance sports presents further opportunities. The rising interest in mountain biking, long-distance cycling, and triathlons boosts demand for specialized bicycles and equipment. Manufacturers can attract athletes with high-performance bikes and accessories, while retailers can foster communities and loyalty through events and training programs.

Global Bicycle Market, Segmentation

The Bicycle market is segmented based on Type, User Demographics, Price Range, Material, and region

Type:

The growing popularity of cycling as a recreational activity and competitive sport drives demand for road bikes, valued for their speed and efficiency on paved surfaces. Technological advancements have made these bikes lighter, faster, and more durable, attracting both amateurs and professionals. Urbanization and the trend of bicycle commuting, driven by traffic congestion and environmental concerns, also contribute significantly. Government initiatives supporting cycling infrastructure and bike-sharing programs enhance road bike appeal. Health and fitness trends, along with the rise in cycling events and clubs, further boost market growth.

User Demographics:

The trend toward fitness and health consciousness is driving adult demand for bicycles as a sustainable, active transportation and exercise mode. Many adults choose bikes for short commutes, reducing their carbon footprint and promoting healthier lifestyles. Urbanization and traffic congestion further boost bicycle demand as adults seek efficient, flexible alternatives to cars. Governments and city planners support this shift by enhancing cycling infrastructure. Technological advancements have led to specialized bikes, such as road, mountain, electric (e-bikes), and commuter bikes, catering to various adult demographics and preferences, thereby expanding the market appeal.

Region:

The Asia Pacific region leads the global bicycle market due to several factors. Countries like China and India, with large and urbanizing populations, drive demand for affordable and eco-friendly transportation solutions. Bicycles offer a cost-effective alternative to motor vehicles, gaining popularity in these densely populated areas. Increasing health awareness promotes bicycles for exercise and leisure, supported by government initiatives that enhance cycling infrastructure in urban centers through dedicated lanes and bike-sharing programs. The region benefits from major manufacturers like Giant Manufacturing in Taiwan and Hero Cycles in India, ensuring a diverse range of bicycles from basic to high-performance models. Competitive pricing and continuous innovation in bicycle designs further contribute to market growth.

Key Players in the Global Bicycle Market

  • Giant Bicycles (Taiwan)
  • Trek Bicycle Corporation (USA)
  • Specialized Bicycle Components (USA)
  • Cannondale Bicycle Corporation (USA)
  • Santa Cruz Bicycles (USA)
  • Merida Bikes (Taiwan)
  • Scott Sports (Switzerland)
  • Bianchi (Italy), and Other Major Players.

Key Industry Developments:

  • In March 2024, Merida announced that the company added three all-new Shimano EP801-powered bikes to their lineup with a new full carbon eOne-Sixty CF, bigger range alloy eOne-Sixty Lite & versatile aluminium eOne-Forty Lite.
  • In January 2023, Orbea launched an E-road Bike named the 2023 Gain. The E-road bike is integrated with the Mahle X20 motor, providing 55Nm of torque, and is paired with a 350 Wh battery. The bike is available in sizes ranging from XS (47–49), S (51), L (55), XL (57), M (53), and XXL (60).

Key Findings of the Study

  • The global bicycle market was valued at USD 53.9 billion in 2023 and is projected to reach USD 78.39 billion by 2032, growing at a CAGR of 4.25% from 2024 to 2032.
  • Segmented into Adults, Children, and Seniors, reflecting diverse user bases driving demand across different age groups.
  • Asia-Pacific holds the largest market share, driven by robust demand and favorable regulatory environments for cycling.
Pristine Intelligence LLP

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